NewtekOne issues 2.3M common shares to Patriot in exchange for preferred stock and $10M cash

NewtekOne, Inc.

Exchange of all 20,000 Series A Preferred shares (originally $20M) plus $10M cash for 2,307,692 common shares; two-year transfer restriction.
Transaction boosts CET1 capital by $30M; pro forma CET1 rises from $256M to $286M as of June 30, 2025.
Combined with August depositary shares offering ($48.357M net), pro forma tier one capital grows $78.357M to $335M; tangible book value per share ~$10.74.
Patriot relinquishes conversion right on preferred (950,800 shares) but gains larger common stake; maintains board seat at Newtek Bank.
Barry Sloane says capital boost and tangible book accretion outweigh EPS dilution.

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